IREN Limited (NASDAQ:IREN) stock is trading lower on Friday as Bitcoin (CRYPTO: BTC) drops below $70,000 and investors rotate out of technology and crypto-linked equities.
The decline coincides with the 10-year Treasury yield tracking toward its largest weekly gain since April 2025, alongside Strategy Inc. (NASDAQ:MSTR)'s removal from MSCI Benchmark's global indexes, according to MarketDash Pro.
Broader equity indexes reflect the shift away from growth sectors on Friday. The Nasdaq is down 1.65%, the S&P 500 has fallen 0.74%, and the technology sector is down 2.6%, ranking last among 11 market sectors.
Meanwhile, defensive sectors are advancing, with Consumer Staples gaining 1.26% and Utilities rising 0.52%.
Nvidia Leadership Change
Artificial intelligence infrastructure stocks are also facing pressure following Thursday's leadership transition at NVIDIA Corp. (NASDAQ:NVDA).
Co-founder Jensen Huang resigned as President, CEO and Board Member, effective immediately, with Executive Vice President and CFO Colette Kress stepping in as interim CEO.
Data Center Restrictions
Reuters reported last week that voters across 10 states backed restrictions or rejected data center development proposals.
According to Redbud Consulting tracking, 40 of the 41 data center ballot measures sought to restrict facilities, raising investor concerns over tighter regulatory oversight and higher construction costs.
Technical Analysis
The bigger-picture chart is still bearish: IREN is down 63.4% over the past 12 months and is trading well below every major moving average, including about 24.5% below its 20-day SMA and roughly 58.2% below its 200-day SMA. That kind of separation usually signals that rallies are more likely to be corrective bounces than the start of a durable uptrend.
Trend structure also remains a headwind, with the 20-day SMA below the 50-day SMA and a "death cross" (50-day SMA below the 200-day SMA) that formed in August. Even if price stabilizes short term, those stacked moving averages overhead can act like layered resistance zones where sellers reappear.
IREN Price Action: Iren shares were down 8.75% at $17.77 at the time of publication on Friday. The stock is trading near its 52-week low of $17.15, according to MarketDash Pro data.
